Real Estate Activity –
Summary for the Portland
Real estate activity for the first eight months of 2019 compared to 2018 continue to be a bit cooler, revealing a slightly contracting and softening Portland Metropolitan Housing Market, while for the month of August, there was a slight surge of activity.
In the first eight months of 2019 compared 2018, there was 0.9% fewer listings, 1.1% less pending sales, and 3.3% less closed sales. During the same comparison, the average sale price increased by about 1% and the median sale price increased by 2.2%.
Statistics for the first eight months of 2018 and 2019:
|Eight Months Ended||Increase|
|New Listings||30,721||30,548||(173)||Fewer listings on the market|
|Pending Sales||21,836||21,585||(251)||Less pending sales|
|Closed Sales||20,572||19,902||(670)||Less closed sales|
|Ave. Sale Price||454,500||458,900||4,400||Ave. Sale Price up 1%|
|Med. Sale Price||401,000||410,000||9,000||Med. Sale Price up 2.2%|
|Total Market Time||40||48||8||Total market time up 20%|
Some Areas that Gained; Areas that Lost Value
Beaverton/Aloha and Yamhill County led the way with average sale price increases for the eight months ended August 31, 2019, of 5.7%; Gresham/Troutdale was 5.1%, and Oregon City/Canby was 4.0%. Areas that saw average sale price declines for that same period include Mt. Hood of -4.1%, NW Washington County of -2.5%; and West Portland and Lake Oswego/West Linn of -0.7%.
Buyers Becoming Bolder in Negotiations
The first eight months of 2018, 94.2% of the pending sales closed; in 2019 this was 92.2%. The decrease in the percentage of homes closed is indicative of the market, as buyers are becoming bolder in their negotiations.
Pricing is Very Market Value Specific
Price points are very neighborhood specific. If you are wondering about the current market value of your home, feel free to contact me. I will be happy to put together a review of the range of market value for your home considering your specific location, condition (underlying condition, updates and how your home shows), amenities, square feet, and lot size. With my background in accounting and finance, my analytical skills are very highly tuned, and I would love to use them to help you in any way I can.
Stats come from RMLS